PLACEHOLDER_1PLACEHOLDER_3

Find Ken on X @realkenchigbo · YouTube @Realkenchigbo · MACRO MASTERY Discord

IC Markets Review 2026: Honest Verdict from the KenMacro Desk

By Ken Chigbo, Founder, KenMacro. 18-plus years across London trading floors and institutional FX. Audit framework runs daily inside the MACRO MASTERY desk.

Affiliate disclosure: KenMacro earns a commission if you open an account with IC Markets through links on this page, at no cost to you. The editorial verdict is independent of that commission and based on the desk’s institutional broker-audit framework.

The institutional audit framework

The desk audits every broker against the same five-criterion screen. Regulator depth, real round-turn cost, platform coverage, withdrawal track record, and trader-fit by archetype. The framework is designed to filter out the marketing copy and isolate the structural realities a working trader has to live with over a multi-year account lifetime. This review applies the same screen to IC Markets.

Regulation

International Capital Markets Pty Ltd is regulated by ASIC under AFSL 335692. IC Markets (EU) Ltd is regulated by CySEC under licence 362/18. Raw Trading Ltd is registered with the FSA Seychelles under SD018. Notably, IC Markets does not operate an FCA UK entity, so UK-resident clients typically onboard under the Seychelles or CySEC entity rather than the FCA FSCS floor.

• ASIC Australia, AFSL 335692
• CySEC Cyprus, licence 362/18
• FSA Seychelles, SD018
• No FCA UK entity, an honest gap for UK retail clients

Regulator depth is the cleanest filter when picking a broker. The deeper the audited stack, the better the recourse if anything goes wrong. IC Markets’s headline stack is ASIC, CySEC, FSA Seychelles. The desk’s read on this: Tightest raw EUR/USD spreads in the institutional retail tier plus cTrader native.

Spreads, commission, and the real all-in cost

Headline spreads are the marketing number. All-in cost per round-turn lot is the operationally relevant comparison. On IC Markets, EUR/USD posts at 0.0 to 0.1 pips raw (Raw Spread MT4 / MT5 / cTrader), 1.0 to 1.2 pips (Standard) with commission $7 round-turn (Raw Spread MT4 / MT5), $6 round-turn (cTrader), zero on Standard. For the high-frequency archetype placing 50-plus round-turns daily, the commission tier compounds materially across a year of trading.

Versus the partner stack: IC Markets is in the partner stack the desk runs every day.

Platforms

IC Markets’s platform stack runs MetaTrader 4, MetaTrader 5, cTrader. Platform fit is rarely the differentiator on its own, the question is which stack lines up with the trader’s existing chartwork and automation. For traders running MetaTrader expert advisors or TradingView native chartwork, this set covers the standard requirements. Any proprietary platform extension on each broker side is documented in the broker’s own platform page.

Account types

Account tier accessibility is one of the underrated filters. The lower-floor tier opens the door for the absolute beginner, the higher-floor tier compresses commission for the active professional. Match the tier to your trading frequency rather than your account balance alone.

Withdrawal mechanics

IC Markets supports Bank wire, cards (refunds), PayPal, Skrill, Neteller. E-wallets and cards same business day. Bank wire 1 to 3 business days. No broker-side fees on most methods. International bank wire may carry a $20 intermediary fee. Withdrawal infrastructure is a quiet but high-impact layer that only matters when the trader needs the cash off the platform.

Honest caveats

No FCA UK entity. UK clients onboard via CySEC or FSA Seychelles, which sits below the FSCS floor. The desk flags these because they matter to specific trader archetypes. They are not a blanket rejection of the broker, they are positioning trade-offs the trader should know before signing up.

Who IC Markets suits

IC Markets fits the active scalping and cTrader-native archetype cleanest. Traders prioritising tightest raw eur/usd spreads in the institutional retail tier plus ctrader native get the strongest match. Traders prioritising the trade-offs the desk flagged above should consider the pivot route.

For the active scalping and cTrader-native archetype that also wants the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership, IC Markets is the partner stack the desk runs every day.

The verdict

IC Markets is a credible broker inside its archetype. The regulator stack is ASIC, CySEC, FSA Seychelles, the all-in cost is 0.0 to 0.1 pips raw (Raw Spread MT4 / MT5 / cTrader), 1.0 to 1.2 pips (Standard), the platform set is MetaTrader 4, MetaTrader 5, cTrader. The desk’s institutional audit gives IC Markets a 4.4 out of 5, with the caveats documented above. The KenMacro IB partnership routes traders into the desk overlay alongside the broker account.

FAQ

Is IC Markets a good broker?

IC Markets runs ASIC, CySEC, FSA Seychelles oversight, founded 2007, headquartered in Sydney, Australia. The desk’s read: Tightest raw EUR/USD spreads in the institutional retail tier plus cTrader native. The honest caveat: No FCA UK entity. UK clients onboard via CySEC or FSA Seychelles, which sits below the FSCS floor. For the active scalping and cTrader-native archetype, IC Markets is a credible option, with the trade-offs documented in this review.

Is IC Markets regulated?

Yes. International Capital Markets Pty Ltd is regulated by ASIC under AFSL 335692. IC Markets (EU) Ltd is regulated by CySEC under licence 362/18. Raw Trading Ltd is registered with the FSA Seychelles under SD018. Notably, IC Markets does not operate an FCA UK entity, so UK-resident clients typically onboard under the Seychelles or CySEC entity rather than the FCA FSCS floor.

What are IC Markets’s spreads on EUR/USD?

IC Markets posts 0.0 to 0.1 pips raw (Raw Spread MT4 / MT5 / cTrader), 1.0 to 1.2 pips (Standard). Commission is $7 round-turn (Raw Spread MT4 / MT5), $6 round-turn (cTrader), zero on Standard. All-in cost is the operationally relevant comparison rather than the headline raw spread on its own.

What is the minimum deposit at IC Markets?

$200 (all tiers). Capital should match the trader’s risk-management plan rather than the broker’s floor.

Should I open IC Markets through the KenMacro link?

Yes if IC Markets fits the active scalping and cTrader-native archetype and you want the bundled MACRO MASTERY desk overlay through the KenMacro IB partnership. The affiliate disclosure on this page is FTC-compliant: KenMacro earns a commission, at no cost to you, and the editorial verdict is independent.